ONDO fell 12.48% in the past 24 hours, with market participation cooling accordingly. Trading volume dropped to $340.5 million, a 30.71% decrease from the previous day. Against the backdrop of a weakening overall crypto market, funds did not flow back significantly, putting continued pressure on the token.
The US spot Bitcoin ETF has seen net outflows for 13 consecutive trading days, further exacerbating pressure on risk assets. The article argues that this liquidity-tightening environment weakens ONDO's ability to attract new buying, and willingness to buy at lower levels remains limited.
Derivatives positions continued to shrink
Derivatives data was also weak. ONDO open interest fell 17.03% to $160.33 million, indicating that some traders were closing out positions rather than establishing new ones.
The simultaneous decline in prices and open interest typically indicates that existing long positions were exiting during the pullback. The absence of significant new leveraged funds in the market also suggests that short-term risk appetite remains low.
- Trading volume fell to $340.5 million.
- Open interest fell to $160.33 million.
- The 24-hour decline was 12.48%.
Spot selling still prevails
The order flow in the spot market has not improved either. The article mentions that the Spot Taker CVD indicator continues to show sellers dominating, indicating that there are still more active sell orders than active buy orders.
Although there were sporadic rebounds during the session, buying pressure failed to sustain the selling pressure, and sellers subsequently regained control. This structure suggests that even if prices retrace in the short term, upward correction will still face significant resistance.
$0.34 becomes the short-term focus
From a price structure perspective, ONDO has not yet regained the $0.4514 resistance zone, with the price currently around $0.3688. There is still buying support around $0.34, but upward pressure has not yet eased.
Technical indicators are also weak. The parabolic SAR remains above the price, while the RSI has fallen to 49.03 and is below its moving average of 53.68, indicating that buying pressure following the May rebound is waning.
If the $0.34 support level holds, the price may still attempt to return to around $0.4514; if this support level is breached, the downside potential could open up further, given that trading volume, open positions, and spot demand have not yet recovered.
